A quick heads up preview to the Australian building permits data for June
- expected +1.0% m/m prior -5.6%
- expected -11.0% y/y prior -19.7%
The May falls were mainly the result of a big drop in approvals for 'high rise' developments (it was the 2nd lowest number of high rise approvals since June of 2013 and followed the lowest ever in March of 2017). Expectations for the June results are a bit of a bounce back.
The building permit data is getting a bit lost in all the other, higher profile, data due this week from Australia:
- Retails Sale is due tomorrow
- The RBA meeting was yesterday (Analyst response to today's RBA - Westpac and Aussie in retreat after RBA - here's why)
- The RBA Statement on Monetary Policy (SoMP) is Friday - I'll have a preview of this coming
